In the above context suggested use + or – in place of ± and the time zone deviation from GMT at the place of X.
For example, if the Time Zone is PST, the formula syntax would be as follows:
LEFT (RIGHT (TEXT (CreatedDate - (8/24)), 9), 5)
This new formula field will return the Time value of the Created Date field in a 24-hour format.
Use this new field within Reports to display time values!
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